The spring weather is starting to warm up the bidding in the auction rooms

The spring weather is starting to warm up the bidding in the auction rooms
This house on a 1.78ha bush section at Swanson sold for $600,000.

Things are warming up in Bayleys' auction rooms, with the sales rate at the agency's latest residential auctions edging above 50%.

Bayleys auctioned 33 residential properties across Auckland, Hamilton, Tauranga and Rotorua over the last week and achieved sales on 18 of them, giving a 55% sales clearance rate.

At the Auckland auctions prices ranged from $600,000 for a house on a 1.78 hectare site at Swanson that sold sold via mortgagee auction, to $2.5 million for a house on an 1123 square metre section at Wai O Taiki Bay on the Tamaki River.

At the Rotorua auction prices started at $437,000 for a two level house with a large rumpus room and an internal entry garage at Kawaha Point, and at Bayleys' Tauranga auction prices started at $858,000 for a four bedroom house with a swimming pool at Pyes Pa.

Also in Tauranga, the auction room was busy at Eves Real Estate, where eight of the 14 properties on offer were sold, with prices ranging from $265,000 to $1.905 million. has started putting the rating valuations next to the selling prices of the properties that sold in our auction reports, which are available on our Residential Auction Results page.

Bayleys also held a number of commercial property auctions in the last few days and the results of these and other commercial property sales are available on our Commercial Property Sales page.

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Did anyone see the 60 minutes piece on the Sydney and Melbourne property markets. Some A-grade property doom porn if you're into that kind of thing.
It's entitled "Bricks and Slaughter" lol

That 60 Minutes piece is very irresponsible, like shouting out "Fire!" in a crowded cinema. Spooky doom-laden music, cherry picking extreme examples of people who have fallen on bad times or who have made very poor investment decisions, who have no contingency plans, few options, like three people.

Oooh have to pay back capital! You know what? You get that back when you sell the house. Pretty sure the banks advised that interest only would not be forever when they took out the loan.

Honestly the media have a lot to answer for with pieces like this. They are doing their darnedest to bring about a housing apocalypse and economic collapse so that they can sell more stories...presumably.

Zachary, "Safe as houses"?? Is the 5%pa decline in Sydney house prices a media beat up too? Can you guarantee to readers that with the similar ratio of interest only lending going to NZ investors, that it won't end in tears here too? Australia is the bigger picture to a debt problem to which we are connected. The findings of the FMA investigation into NZ banks incentive based lending practices are still yet to be known.

Well we see in other news that S&P has upgraded Australia's AAA rating from negative to stable. Economy is looking good. NZ is rated as pretty good too. Immigration is high for both countries.

5% decline is hardly here nor there, just the ebb and flow of the housing market. Got to be in it for the long term and be prepared for unexpected outgoings.

Zachary, yes, I just read that too. While it's always good to focus on the positive, we are best not to be duped by it. Ask yourself, what are the rating outlooks for the banks? Articles like the following are now appearing daily;

Best keep an open mind to all possibilities. It is of course just built on confidence after all.

domestic credit growth and immigration wont save upper quartile Auckland. I think we all know what those prices were predicated on, and why prices are now dropping in unison all across tier 1 pacific rim English speaking cities. Worry not, if you aggregate across the country prices will still trend upwards.

5% is hardly worth talking about - its called a soft landing after years of boom as expected. Moving on...

John2, "a -5% drop is a soft landing". True but, the problem is that the Australian housing market hasn't actually landed yet......

The trend of higher auction clearance rates in Auckland started around May-June this year. At first it looked like it could be a mere flash in the pan....... but the trend has been sustained through Winter and now into Spring.

Certainly, Auckland auction clearance rates are much higher than during the first few months of 2018 - when rates above 50% (or even 40%) were almost non-existent.

Overall market activity this summer might well exceed that of last summer - but selling prices seem destined to remain pretty steady.


CoreLogic update their estimate of my home value every two weeks. The latest update on 16 September was down 1.28%, back to the 2017 CV.

Hi Expat,

Hope you're not losing too much sleep over your home's value dropping by an estimated 1.28%. Perhaps, you're thinking you should have sold up a year ago - and rented??

Bear in mind that Auckland property values rose by 93% between March 2009 and June 2018. [Source: NZ Listener; 18 August 2018]


TTP, I couldn't care a less if my property went to zero. Who cares if the house is a memory filled family home? I guess it depends on ones core values. There's just more to life.

Hi Retired-Poppy,

Because Expat writes about his home's value in this blog, we can only assume he's interested in the matter.

Expat gives no clue as to whether or not his house is a "memory filled family home". It might be a former tinnie house for all we know........ or Expat might be a single person. In any case, it's not our business.


It is a family home filled with great memories. The previous owners lived here for more than 25 years. Health willing we intend to be here until the next stop, which is Purewa. That should, on family averages, mean vacating in 2045, at which stage the house will be over 60 years old and ready for replacement. My children can make that decision. To repeat myself, I put up the regular value as I figure Core Logic have an algorithm and the info is free. It gives an unbiased easily accessible view on what’s happening in the Bays.

We could probably use similar language as retired poppin. The market value of our investment property(ies) can drop to zero and we wouldn't care less. Why not? Because as long term rental investors the actual value of the property is irrelevant, and meaningless, it is mainly the revenue stream that counts. The revenue allows us to pay for overheads and income tax with a bit left over for a cheap meal out on Saturday night. Whilst the capital value of the property is actually only important to the bank (for the lending ratio), the local council (to apportion property taxes), and doctor cull-en (to increment more property taxes). Oh well someone has to pay for labours promises so that jacinda can snaffle some votes off Winston


Not surprised as have mentioned earlier also that Vendors who have to sell are selling at the best available price and any non resident left and who wants to buy will buy as soon as .

Uncertanity looms over the market as no one knows the real number or involvement of foreign buyer is in current housing bookm

It seems that is much higher than the number that national government provied or may be many including Labour are wrong SO soon we will know if National party was correct or a liar and manipulataive to suit their vested interest as mentioned by many.

Wait and see. Will have clear picture by early next year.

Hi Greg. 33 Auctions doesn't sound like very many for across such a wide area. Have you got the numbers for how many were offered by Bayleys and Eves in the 'Spring Equinox week' last year and in 2016

addendum. Just checked the numbers and it appears that these numbers are similar to last year which was also the election week however. In 2016 there were 34 houses put up just in Auckland for the corresponding week. So actual volume of auction offerings appears weak

For this time 2016 you can refer to the following links for Sold and Not Sold auction results for Bayleys in Auckland.

Edit: Oh i see you've found an actual article.

Interestingly, I see no comments on that article. I don't think the website purges old comments as I recall reading articles from Bernard Hickeys days and they still had comments.

There are over 60 mortgagee sales currently advertised in Trademe alone. How many more elsewhere are there? This is a huge increase over a year or two ago when there where hardly any. If the market is so bouyant, these properties should have been sold long before the bank moved in. With unprecedented low interest rates, firmer auction sales and a supposedly strong economy, something doesn't add up.

Of the houses that were sold and do have a CV, 6 got a price above CV, 3 got under CV and the rest got at or very close to CV

The place next to us is back on the market. It's a different season but same lack of interest. Open homes yesterday and today were quiet.

Some vendors are simply unrealistic with their price expectations. You simply cannot get way over the last CV. Get realistic and houses are still selling no problems at all. I sold back in August in 6 weeks. There is a place just down the road still on the market, its WAY overpriced so its just going to sit there forever. Interest rates are low, summer is coming so just expect the usual seasonal upswing.

Tried to putt an offer in on a house on the weekend, probably 2% below CV because that's the max we can afford. The agent wouldn't even consider and basically said they were expecting 10% above CV and they were very busy because they had lots of buyers from China wanting to buy before the ban.

Tried to put an offer in on a house on the weekend, probably 2% below CV because that's the max we can afford. The agent wouldn't even consider and basically said they were expecting 10% above CV and they were very busy because they had lots of buyers from China wanting to buy before the ban.

Do you know when the current owner bought the house and how much they paid? Did they do any any major renovations?
Interesting about the Chinese buyers. I would tend to take that with a pinch of salt.

@Zach - the owner bought the house for $1.058m (01/02/2016) in Howick. RV is $1.125 and they want over $1.2mil. Property was listed a price by neg and didn't go to auction.
No major renovations done to the property if I compare to the 2016 listing I found. They built a small deck with cover at the front of the house. The carpets need to be redone and there are a few paint touch ups and a lot of mould on the windows to clean.

Let us know if the agent contacts you in a couple of months asking if you’re still interested.

On, there are 32 mortgagee sales listed in New Zealand.
1) 9 are in Auckland
2) 10 are in Kawerau

FYI, According to, Kawerau had the large increase in residential house values in the country since Jan 2014 to September 2018 with a capital gain of 90.3%

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